Friday, April 15, 2011

TREND WATCH-APRIL 18

MEDIUM TERM----- (As per weekly charts) • Last swing high is at 5945. (Higher high)• Last swing low is at 5348. (Higher low) • Nifty is in up trend (From 4th March) with targets (+/-30 points) of 5670**, 5790**, 5840**. • The up trend will terminate below 5348.

SHORT TERM----- (As per daily charts) • Last swing high is at 5924. (Lower high)• Last swing low is at 5735. (Lower low) • Nifty is in corrective down move (From 11th April) with targets (+/-10 points) of 5780**, 5750**, 5710. • The down move will terminate above 5924.

IMP. NOTES---- • Medium term swing high of 5945 formed now as the closing was in red for the week. • Short term swing high of 5924 formed now as the closing was in red for the day. • ** means target achieved

Sp. Notes--- • Swing low----- occurs when Nifty closes in green. (Lowest low of last two days will be Swing low.) • Swing high----- occurs when Nifty closes in red. (Highest high of last two days will be Swing high.) • Uptrend---forms when we have higher swing low and we trade above last swing high. • Downtrend---forms when we have lower swing high and we trade below last swing low. • Corrective up move---forms when in downtrend we trade above last swing high without making higher swing low. • Corrective down move---forms when in uptrend we trade below last swing low without making lower swing high. • Targets---are based on Fibonacci retranchment levels between different swings. • All levels are as per Nifty spot only.

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